Solana (SOL) price has shown strong momentum as it surpassed the $150 resistance level. If the cryptocurrency manages to clear the $162 resistance, it could trigger another rally.
Currently, SOL is trading above $155 and the 100-hourly simple moving average, indicating a bullish trend. On the hourly chart of the SOL/USD pair, a key bullish trend line is also forming with support at $158.
SOL’s recent surge has allowed it to regain strength above $155 and even surpass Ethereum and Bitcoin. The price reached as high as $162 before entering a consolidation phase. During this consolidation, it briefly corrected below the $160 level, testing the 23.6% Fib retracement level.
However, SOL remains well above $150 and the 100-hourly SMA, suggesting that dips might be limited. If the cryptocurrency breaks above the $162 and $165 resistance levels, it could pave the way for a steady increase. The next important resistance level is around $178, and further gains may lead the price towards $184.
On the downside, if SOL fails to overcome the $162 resistance, a downside correction might occur. The initial support lies near the $158 level and the bullish trend line. The $155 level also serves as significant support. A break below $155 could push the price towards $148 or the 61.8% Fib retracement level. If the $148 support is breached, the price could potentially decline further to the $135 support.
Based on the technical indicators, the hourly MACD is showing bullish momentum, while the hourly RSI is above the 50 level, indicating strength in SOL/USD trading pair.
In summary, Solana’s price could experience another rally if it successfully clears the $162 resistance. However, if it fails to do so, a downside correction is possible, with initial support at $158 and then $155.